It seems ironic in this desperately weak global economy, that as workers and businesses cut back, the Obama Administration has launched a world class spending spree.
To investors and Wall Street, the problem isn’t irony but deep doubt and the fear of even worse economic times ahead.
Most Americans now say the U.S. government could go bankrupt.
But the president has now seen his stimulus passed, with about $1 trillion in new spending and interest on the debt. He also offers to overhaul an entire raft of ills he sees: energy, education, health care, banks and their lending, people hurt b bad mortgage deals, and the lest goes on and on.
The only thing we know for sure about the Obama proposed health care reform is this: it will cost hundreds of billions (and probably trillions of dollars), it will be formulated largely by the same people who wrote the stimulus, and, according to the President of the United States, it will not add one cent to the U.S. debt. In fact, the president says, reforming health care will lead to a more robust economy!
If Barack Obama owned a small business undergoing an audit; the auditors would recommend immediate bankruptcy, a sell off of all assets, and for Obama and other “business leaders” like Barney Frank and Christopher Dodd to seek other lines of work as they await trial for cooking the books.
The American economy is dead: and the Obama recovery plan calls for an endless stream of new government spending to get us all out of this hole.
My grandfather, who was a foundation digger in the 1920s, used to tell me: when you are in a hole this big, put down your shovel….
Presidency of Fear